England-based social media influencer CoinsKid with more than 131k Twitter followers is optimistic the XRP market will ultimately break out from multi-year consolidation to a new ATH. CoinsKid based the XRP bullish outlook on an incoming monthly golden cross between 10 and 20 EMA. Notably, the last time a monthly golden cross between the two EMAs happened in the XRP market was back in 2020 which resulted in a rally of more than 720 percent.
Similarly, the XRP market had a golden cross between the two EMAs back in 2017 during the infamous crypto bubble burst. With a monthly golden cross showing signs of taking place again in 2023, CoinsKid forecast an incoming breakout toward a new ATH with a price target of $9.
The XRP Plot Twist
Undeniably, the XRP market is heavily adopted by institutional investors seeking to streamline cross-border payments. Most global cross-border payments excluding those involving the United States have adopted Ripple and its products. As a result, the XRP bullish sentiment has been accumulating over the years. However, the ongoing SEC vs Ripple lawsuit has significantly suppressed the XRP market.
For instance, XRP is barely traded in the United States markets despite the frequent incentives issued by Ripple to attract more liquidity. Ever since MoneyGram, a multinational payment company, ended its partnership with Ripple following the SEC charges, the XRP market has remained in limbo. Moreover, Citigroup bank is reportedly looking for alternative crypto custodians away from Ripple-backed Metaco.
In all these, Ripple has remained focused and has been named several international CBDC projects including in Europe and Asia.
